Since price action is inconclussive as if these are the first steps of a bigger downwards movement and until I see some decent evidence that the bigger decline has resumed I think that I should draw some pitchfork lines to determine possible energy points as well as lines which would turn out to be targets for this down leg... If you are not familiar with medial line technique you should check these two Tim Morge's sites http://www.medianline.com/ and http://www.marketgeometry.com/...
You will see in the chart that the pair after hitting median green line is now heading to the lower green line which should act as support... If this support breaks the EURUSD will head to median red line...
I am not quite confident that this is the first steps of the big decline as I assume (based on cycles analysis) that for the rest of the year pice action will consolidate in a big range and probably head a little higher... 2012 should print the high for the next 4 years to come which is not necessary higher that those already printed...
You will see in the chart that the pair after hitting median green line is now heading to the lower green line which should act as support... If this support breaks the EURUSD will head to median red line...
I am not quite confident that this is the first steps of the big decline as I assume (based on cycles analysis) that for the rest of the year pice action will consolidate in a big range and probably head a little higher... 2012 should print the high for the next 4 years to come which is not necessary higher that those already printed...
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